Tokyo  - Japanese carmaker Honda Motor Co considers disbanding its costly Formula One team as it battles sinking profits, news reports said Friday.

Honda representatives had informed its team, which is based in Britain, that it was to pull out of the expensive sport if no new sponsor was found, Japan's Jiji Press news agency said, also citing British news reports.

If there was no buyer by March, the team was to be sold, leaving current drivers Jenson Button and Rubens Barrichello in limbo, the BBC reported.

Main reason for Honda's possible retreat was the global financial crisis, which caused the carmaker to lower profit projections and slash production this fiscal year.

Honda president Takeo Fukui is expected to make an announcement on the company's Formula One future later on Friday. (dpa)